By Sheri Kasprzak
New York, Sept. 13 - Millenium Biologix Corp. concluded a C$1 million private placement of convertible debentures with two existing investors.
Half of the debentures are from the conversion of a demand loan from BML Capital I, LLP. The other half are new debentures funded by New Generation Biotech Equity Fund.
The 25% debentures are due in two years and are convertible into common shares at C$0.03 each.
Conversion becomes mandatory if the company completes a C$5 million financing.
The investors received warrants for 33,333,332 shares, exercisable at C$0.0239 each for three years.
The company hopes to sell another C$2 million in principal of the debentures.
Proceeds from the offering will be used to develop the company's core technologies and address long-term financial needs.
Kingston, Ont.-based Millenium develops and commercializes cell culture and tissue engineering systems.
| Issuer: | Millenium Biologix Corp.
|
| Issue: | Convertible debentures
|
| Amount: | C$1 million
|
| Maturity: | Two years
|
| Coupon: | 25%
|
| Price: | Par
|
| Yield: | 25%
|
| Conversion price: | C$0.03
|
| Warrants: | For 33,333,332 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.0239
|
| Investors: | BML Capital I, LLP and New Generation Biotech Equity Fund
|
| Settlement date: | Sept. 13
|
| Stock symbol: | Toronto: MBC
|
| Stock price: | C$0.01 at close Sept. 13
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
